Franklin Lakes, N.J.-based BD pared its losses to -18 million, or -7¢ per share, on a -0.36% sales decline to $4.20 billion for the three months ended March 31. Adjusted to exclude one-time items, earnings per share were $2.59, a penny ahead of The Street, where analysts were looking for sales of $4.24 billion.
“Through the second quarter we have delivered solid revenue growth and operating performance,” chairman & CEO Vincent Forlenza said in prepared remarks. “Our revised fiscal year 2019 outlook reflects recent, near-term regulatory and market pressures related to paclitaxel-coated devices and foreign currency, which will affect our EPS guidance range. We remain confident that our business is strong, fundamentals are in-tact, and we will continue to deliver value to our shareholders and customers around the world.”
BD said it now expects to post adjusted EPS of $11.65 to $11.75, down from $12.05 to $12.15 previously, due to “recent regulatory and market pressures related to paclitaxel-coated devices.” In March, the FDA warned on the risk of increased long-term mortality in peripheral artery disease patients treated with paclitaxel-coated devices like the Lutonix balloon BD acquired along with C.R. Bard in December 2017.
Fiscal 2019 sales are now expected to grow by 8.0% to 9.0%, compared with prior guidance for growth of 8.5% to 9.5%, due to foreign exchange rates, the company said.
BDX shares were off -3.7% to $223.84 apiece today in mid-morning trading.